WPBN: Beginning this month, Illinois is providing a $4,000 incentive for the purchase of an electric vehicle.
The rebate program, for which the Illinois General Assembly budgeted $14 million, will begin on January 21, 2025, and operate until April 30, or until the funds runs out.
The Illinois Climate and Equitable Jobs Act provided the funding.
Residents of Illinois are eligible to get $4,000 for cars, trucks, and SUVs, or $1,500 for electric motorcycles, when they buy a new or used electric vehicle from an Illinois-licensed dealer.
The Illinois Environmental Protection Agency states that within ninety days after the purchase, applicants must submit an application for the reimbursement.
In addition to meeting all other eligibility requirements, applications must be postmarked within 90 days of the vehicle’s purchase and on or after the first day of the subsequent open cycle.
- Both when the vehicle is purchased and when the rebate is given, the buyer must be a resident of Illinois.
- The car needs to be bought from an Illinois-based dealer who has an Illinois Secretary of State license. Vehicles that are rented or leased are not eligible for the rebate.
- The car cannot have previously received an Illinois EV refund under this program. You can check VIN numbers here.
- Individuals are the only ones eligible for a rebate, and they can only get one. Companies, government agencies, groups, and other non-individual entities will not be eligible for a refund.
- The amount of the rebate cannot be more than the car’s purchase price.
- Ownership of the car must be maintained by the buyer for at least 12 months straight from the date of purchase.
- The buyer has ninety days from the date of the car purchase to apply for the rebate.
The refund is available for both new and used vehicles. Low-income candidates will be given preference, according to the IEPA.
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Following the receipt of 5,587 applications, the IEPA granted 3,000 reimbursements from a $12 million fund last year. A $19 million refund fund was used to reward 4,872 of the 7,669 applications that were received in 2023.
Additionally, the federal government is providing EV tax credits of up to $7,500 for new cars and up to $4,000 for used cars with sticker prices under $25,000.
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Certain auto dealers who have registered with the government program may be allowed to give the tax credit as a refund at the time of sale. The amount of the tax credit that is available is determined by an individual’s tax burden.
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